EB Watch List Update Report

Dear Members, KEY EARNINGS REPORTS: Monday: None Tuesday: MU MARKET NOTE: We've started off the new year on a very weak note, but the longer-term technical indications do remain mostly bullish so I'll give the benefit of the doubt to the bulls for now. Losing rising 20 week EMA support would begin to turn things a bit more bearish, but for now that isn't an issue. ADDITIONS TO WATCH LISTS: There are no additions to our Watch Lists today. BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: Short Watch List: There are no Short Watch List stocks at this time. Large Cap Watch List: ADBE - Testing recent price support near 72.00. Also, the rising 50 day SMA is at 71.78 so the combination of these two could be the catalyst for higher short-term prices. AMGN - Bounced again after moving intraday just beneath 155.00. BMY - Struggling near-term as its daily MACD is moving closer and closer to a reset at centerline support. HSIC - Looks like a handle forming down to 20 day EMA support after the recent cup formed. ILMN - Volume returning as ILMN strengthens. A breakout above 195.00 would be bullish. RAX - Continues to perform quite well, but it may simply consolidate further with that long-term negative divergence in play. Mid Cap Watch List: INFN - Consolidating near its 50 day SMA on light volume. MLNX - Been doing little other than consolidating on light volume. TASR - For those interested in entry, 25.00 would seem like a solid short-term entry point. VDSI - 50 day SMA and price support close to 25.00 would be the two best entry points here. Small Cap Watch List: QLGC - Volume trends very strong here as QLGC continues rising amid overbought conditions. DELETIONS FROM OUR WATCH LISTS: There are no deletions today unless closing stops are violated. Happy trading! Tom Bowley Chief Equity Strategist EarningsBeats.com